By Jovin Yeo
•
August 2, 2021
Matrimonial Asset Planning is a very important part of any long-term relationship. It is important to consider what are, and are not matrimonial assets at all stages of a relationship. A knowledge expert can discuss all of your financial options during these stages to best protect your family from sudden hardship. Case study: Mr and Mrs Lee were married 15 years ago. They have 3 children, aged 13, 15 and 21. They own a landed property of $5 million under joint tenancy. Mrs Lee also has a commercial office of $800k under sole ownership. She earns $1 million/year while her husband earns $40k/year. Over the years, there have been conflicts over their living habits and Mrs Lee resents that her husband has not been contributing financially to the family. In fact, more than 90% of their residential property was paid for by Mrs Lee. Mrs Lee’s parents also previously gave $200k cash as a gift to help Mrs Lee have a headstart in building their family home. Mrs Lee does not think that her husband is savvy enough to be entrusted with her wealth to look after the children, if she is gone. And while she is alive, she wants to ring-fence her assets for the benefit of her 3 children. Mrs Lee is now contemplating divorce and would like to seek consultation.